Telia Company sold another seven per cent of its stake in Turkcell for TRY1.8 billion ($514 million), as the Sweden-based operator group continues the disposal of assets outside its core markets.

The sale to institutional investors sees Telia divest the last of its directly held shares in the Turkish operator. It retains a further 24 per cent share through its stake in company Turkcell Holding.

The size of its indirect investment still makes the company the largest single shareholder in the Turkish operator.

Telia’s move fits with its strategy of asset disposal in its non-core markets – with a focus on exiting Eurasia.

It sold seven per cent of Turkcell in May and completed the divestment of its 60 per cent share in the company that controls Tajikstan operator T-Cell in April. Rumours emerged in June it was mulling the reduction of its stake in Russian operator MegaFon as part of an ongoing review of its business.

In the company’s latest financial statement – for the six months to the end of June – Telia said its remaining assets in Eurasia were “available for immediate sale”. It expects the last of its interests in the region to be offloaded by the end of 2017.

Announcing the latest Turkcell stake sale, Telia CEO and president Johan Dennelind (pictured) said: “The sale of the remaining directly owned shares in Turkcell is in accordance with the strategy to focus on operations in the Nordic and Baltic countries. Telia Company will continue to be the largest shareholder in Turkcell and continues to work hard to find solutions to the ownership lock and to restore effective corporate governance.”